Insurers Take Hit In JPMorgan Market-Timing Coverage Suit

Law360, New York (March 3, 2014, 8:21 PM EST) -- A New York judge on Friday precluded a group of insurers from invoking a fraud exclusion to avoid responsibility for $200 million that JPMorgan Securities Inc. paid regulators over market-timing trades, ruling that administrative settlements did not conclusively establish the bank's guilt.

New York Supreme Court Judge Charles E. Ramos determined that because JPMorgan’s agreements with the U.S. Securities and Exchange Commission and the New York Stock Exchange stemmed from negotiations, they did not qualify as a “judgment or other final adjudication” of wrongdoing as required...
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